Daily Pivots: (S1) 142.56; (P) 143.01; (R1) 143.79; More…
Intraday bias in USD/JPY remains neutral for the moment. On the downside, sustained trading below 55 4H EMA (now at 141.89) will argue that rebound from 137.22 has completed at 143.88. Intraday bias will be back on the downside for 137.22/138.05 support zone, as the third leg of the pattern from 145.06. Nevertheless, strong rebound from current level will bring further rise though 143.88 to retest 145.06 high.
In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Rise from 127.20 is seen as the second leg of the pattern and could still be in progress. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.
 will argue that rebound from 137.22 has completed at 143.88. Intraday bias will be back on the downside for 137.22/138.05 support zone, as the third leg of the pattern from 145.06. Nevertheless, strong rebound from current level will bring further rise though 143.88 to retest 145.06 high.){kind=link}